The AMCM Informed Local Financial Institutions That They Must Not”Participate in or Supply… Financial Services Related to [Virtual Currencies]”
The ban on financial institutions providing services to companies operating with bitcoin of macau was sparked by the recent cryptocurrency crackdown of China. The Monetary Authority of Macau states that”because of recent happenings of funding actions through issuance of tokens from the Mainland, financial institutions and on-bank payment associations are prohibited explicitly by Mainland authorities from providing services for these tokens and virtual currencies.”
Macau, officially known as the Macao Special Administrative Region of the People’s Republic of China, is an autonomous land administered under Chinese sovereigntybitcoin casino deposit bonus free faucet bitcoin casino Gambling is legal in Macau, unlike mainland China, making the territory a hub for casinos and gambling. Macau has become the subject of a crackdown on money laundering by Beijing, with authorities moving to track capital outflows into the autonomous territory — such as the introduction of ATMs that scan for recognition and identity card checks during cash withdrawals throughout Macau.
According to Reuters China, the AMCM stated that”in light of the recent emergence of a large number of inward currency issuance financing activities, speculation in speculation, the mainland ministries have banned financial institutions and non-bank payment bureaus to offer financing for the money and virtual currency and bitcoin live casino no deposit bonus.” Macau’s financial regulator also stated that it had sent a”letter to all banks and payment institutions in Macao, shouldn’t directly or indirectly take part in or provide any financial services associated with [virtual currencies].”
The Macau Dragon Corp.. Is Running an ICO to Finance the Development of a Casino
Macau’s ban on financial institutions providing services to virtual money companies comes during the same week that Macau-based gaming company, Dragon Corp., established a first coin offering to raise $500 million USD for the construction of a casino in partnership with Thai-based Wi Holding. The CEO of Wi Holding, Chakrit Ahmad, told CNBC that the crowdsale will comprise”the first time anybody has allowed the public to invest in a public junket or become a shareholder of a casino.” Because of this crowdsale, the ICO will not be subject to the crackdown of Macau despite Dragon Corp casino set to be constructed in Macau.
Dragon Corp’s crowdsale has generated controversy in China, since the 61-year old former-boss of notorious criminal organization Triad Society, Wan Kuok-Koi, was photographed in the signing ceremony for the partnership between Dragon Corp. and Wi Holding.
Do you believe that Dragon Corp.’s ICO will successfully evade Chinese and Macau regulators? Share your thoughts in the comments section below!
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